European Stocks Slide as Oil Prices Surge Above $100 a Barrel

European stocks slid on Wednesday as oil prices bounced back above $100 a barrel, pushing up government bond yields and spoiling earlier gains.

The pan-European STOXX 600 benchmark index closed 0.4% lower, reversing its early session increases. Most major regional bourses also declined in value.

Brent crude futures rose over 1%, hitting their highest levels in two weeks after five consecutive days of declines.

Markets digested the conflicting speeches from Iran and the US at the UN General Assembly, with Iranian President Masoud Pezeshkian stating that Tehran would never surrender to the US, following a day of threats from US President Donald Trump to 'annihilate' Iran.